Freight weekly report

is this on the web site. can you get on the distribution? Thanks.
----- Forwarded by Jeffrey A Shankman/HOU/ECT on 02/20/2001 10:01 AM -----

Chris Connelly
02/19/2001 04:36 AM

To: George McClellan/HOU/ECT@ECT, Stuart Staley/LON/ECT@ECT, Jeffrey A
Shankman/HOU/ECT@ECT, Mike McConnell/HOU/ECT@ECT, Kevin
McGowan/Corp/Enron@ENRON, Tom Mcquade/HOU/ECT@ECT
cc: Peter Bradley/LON/ECT@ECT, Jez Peters/LON/ECT@ECT, Candace
Parker/LON/ECT@ECT, Kenny Nicoll/LON/ECT@ECT, Dimitri Taylor/LON/ECT@ECT,
Andy James/EU/Enron@Enron, Cornelia Luptowitsch/LON/ECT@ECT, Dorte
Kjaergaard/LON/ECT@ECT, Fiona Ryan/LON/ECT@ECT, Jennifer Burns/HOU/ECT@ECT,
Jeff Andrews/NA/Enron@Enron
Subject: Freight weekly report

Enron Shipping Services Weekly report 07/2001

Highlight

The cape market is still rising, but very gently. Owners are still quite
concerned about the year as a whole and are actively seeking coverage. We
spend much of last week covering all our short positions thru to May. Plan
is to sit back for a couple weeks and then sell short again for Q2, Q3 and Q4
if feasible.

We struck a deal last Friday with Cetragpa ( Pierre's ex co. ) by which we
agreed a collar on the RBCT/Rotterdam route for 2002/2003. We bought a call
at $7.80 and sold a put at $6.80 for 600,000 MT ( this could be valuable
hedge for the first 2 years of the Gijon Business).

On the panamax front, Pacific market is still relatively active and strong
while the Atlantic is soft with few grain cargoes from the US Gulf. We fixed
last week a contract to supply 3 panamax vessels of coal and Petcoke to
Aceralia ( Spanish Steel Mill ).

We are also currently seeking freight for our first freight and coal business
into the US east coast ( Thanks to the US coal guys ) on a Belted self
discharge handy max to load in second half of this year.
Market
Short term Medium term Long Term
Handy Max Down Down Down
Panamax Up Flat Down
Cape Size Up Flat Down

Cape
Average time charter rate: $ 17,310 ( +247 )
Spot RBCT/Rotterdam: $ 8.522 ( +.272)
Spot Tubaro/China: $10.125 (+.175)
Spot Bolivar/Rotterdam: $ 6.503 ( +.203)

Panamax

Average time charter rate: $ 11,110 ( -390 )
Spot US Gulf/Japan: $21.481 ( - 0.119 )

Deals Done
Physical Freight
ECS freight
Fixed RBCT/Rotterdam with CC at $8.60
Third party freight deals
Sold three panamax cargoes to Elcano from Roberts Bank to Gijon for May 01
thru to March 02
FFA s
Numerous swaps on both the Cape and Panamax routes.
EOL
Traded 25,000 tons with Billiton

Travels
All three of us should be in

Chris